Janus International Group Successfully Completes Debt Refinancing
August 04 2023 - 7:00AM
Business Wire
Janus International Group, Inc. (NYSE: JBI) (“Janus” or the
“Company”), a leading provider of cutting-edge access control
technologies and building product solutions for the self-storage
and other commercial and industrial sectors, today announced a
series of related transactions to refinance its debt.
Summary of Transactions:
- Subsequent to Q1 made a voluntary prepayment of $35 million
toward first lien term loan using cash on hand
- Entered into an amended and restated first lien term loan
agreement and established a new $625 million 7-year First Lien Term
Loan which refinanced its existing term loans
- Entered into a new $125 million asset-backed lending (ABL)
revolving credit facility which replaced and refinanced its
existing $80 million ABL revolving credit facility
“We are pleased to announce the successful completion of our
debt refinancing program,” said Anselm Wong, Chief Financial
Officer. “This strategic refinancing is another proactive step to
ensure we are well positioned to have the financial flexibility to
execute on our long-term outlook and drive total shareholder
return.”
The $625 million first lien term loan facility, which was
privately placed with institutional lenders in the syndicated loan
market, will accrue interest at an annual rate of Term SOFR + Term
SOFR Adjustment of 10 bps + 325 bps and will mature on August 3,
2030. Goldman Sachs acted as Left Lead Arranger and Joint
Bookrunner and J.P. Morgan and Bank of America Securities, Inc.
acted as Joint Lead Arrangers and Joint Bookrunners.
J.P. Morgan acted as Left Lead Arranger and Joint Bookrunner and
administrative agent and Goldman Sachs and Bank of America
Securities, Inc. acted as Joint Lead Arrangers and Joint
Bookrunners under the $125 million ABL revolving credit facility.
The new ABL revolving credit agreement will mature on August 3,
2028.
About Janus International Group
Janus International Group, Inc. (www.JanusIntl.com) is a leading
global manufacturer and supplier of turn-key self-storage,
commercial and industrial building solutions, including roll-up and
swing doors, hallway systems, re-locatable storage units and
facility and door automation technologies. The Janus team operates
out of several U.S. locations and six locations
internationally.
Forward Looking Statements
Certain statements in this communication may be considered
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact included in this communication
are forward-looking statements, including, but not limited to
statements regarding Janus’s positioning in the industry to
strengthen its pipeline and deliver on its objectives, the
anticipated impact of this appointment, and Janus’s belief
regarding the demand outlook for Janus’s products and the strength
of the industrials markets. When used in this communication, words
such as “may,” “should,” “could,” “would,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “continue,” or the negative of
such terms or other similar expressions, as they relate to the
management team, identify forward-looking statements. Such
forward-looking statements are based on the current beliefs of
Janus’s management, based on currently available information, as to
the outcome and timing of future events, and involve factors,
risks, and uncertainties that may cause actual results in future
periods to differ materially from such statements.
In addition to factors previously disclosed in Janus’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: (i) risks of the self-storage industry;
(ii) the highly competitive nature of the self-storage industry and
Janus’s ability to compete therein; and (iii) the risk that the
demand outlook for Janus’s products may not be as strong as
anticipated.
There can be no assurance that the events, results, or trends
identified in these forward-looking statements will occur or be
achieved. Forward-looking statements speak only as of the date they
are made, and Janus is not under any obligation and expressly
disclaims any obligation to update, alter, or otherwise revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. This
communication is not intended to be all-inclusive or to contain all
the information that a person may desire in considering an
investment in Janus and is not intended to form the basis of an
investment decision in Janus. All subsequent written and oral
forward-looking statements concerning Janus or other matters and
attributable to Janus or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above and under the heading “Risk Factors” in Janus’s most recently
filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
as updated from time to time in amendments and its subsequent
filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230804138608/en/
Investors, Janus
John Rohlwing Vice President, Investor Relations, FP&A &
M&A, Janus International 770-562-6399 IR@janusintl.com
Media, Janus
Suzanne Reitz Vice President of Marketing, Janus International
770-746-9576 Marketing@Janusintl.com
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